Van Dyck Law, LLC is a full service Estate Planning & Elder Law practice. They write about comprehensive planning in the areas of wills, trusts, powers of attorney, medical directives, Elder Law and probate & estate administration.

This means determining the person who will look out for your best interests, if you are unable to speak. In short, it involves naming someone you trust as your medical power of attorney.

A living will is an important document in your estate plan. However, you also need a medical power of attorney to help ensure that you are getting the kind of care you would want. A medical power of attorney, sometimes known as a health care power of attorney, designates the individual(s) you would want to make health care decisions in your stead, if you’re unable to communicate. This is your health care agent or representative. Unlike a living will, your health care agent can make decisions for you when your incapacitation isn’t life threatening.

If you don’t have a valid power of attorney designating your official health care agent, most likely either your spouse, an adult child or parent will be asked to make medical decisions on your behalf. This depends on the state in which you live and your circumstances.

Appointing a medical power of attorney is the only way to be certain the person you feel most comfortable with, is in charge in case of an emergency.

When you choose your representative, make sure he or she is willing to take on that responsibility. You should also name an alternate representative, if your primary person is unavailable. Be certain that he or she is comfortable in abiding by your wishes and relaying that information to your doctor.

Ask your estate planning attorney to complete the correct forms for your state of residence and have them notarized and/or witnessed.

12/15/2017

“Remarrying later in life can create several complex financial, legal, and emotional matters that should be addressed.”

About a third of U.S. residents ages 15 and older have been married at least twice, according to the U.S. Census Bureau, and remarriage among Americans ages 55 and older is increasing. At the same time, younger people are becoming less likely to have remarried.

The Flagstaff (AZ) Business News recently published an article, “Financial Issues to Consider in Remarriages,” which suggests that you should be candid about your financial situation. Couples who are marrying for the second (or third) time frequently have financial baggage. You should eliminate issues later in the marriage by having open and honest discussions about assets, debts and obligations. Think about the following questions to get the talks started:

What financial obligations are we bringing to our marriage?

How are our credit scores?

Do we have financial obligations (alimony, child support) to our ex-spouse(s)?

Do we want to pool our finances?

Where will we live?

How will our marriage impact college financial aid for our children from previous marriages or relationships?

It is also important to update life insurance, medical directives and beneficiary designations. If you don’t do this and you (or your spouse) die, part of your estate could go to a previous spouse. If you and your spouse have living wills, health care powers of attorney or healthcare directives, review them with your estate planning attorney to ensure that these documents reflect your current wishes.

You should also consider how remarriage affects your retirement planning, like the benefits your partner may be receiving. These can include a deceased spouse’s social security benefits or pension payments.

Discuss estate planning with your attorney because subsequent marriages can impact estate plans—a common concern among older couples. An older couple is more likely than younger newlyweds to bring property and other valuables into the relationship. They often may want these family valuables to go to their own children from a prior marriage.

Beginning again with a new partner is exciting, even when the new marriage introduces complex financial considerations. Talking to each other, as always, is the key to long-term success.

08/18/2017

According to a recent Forbes article, “5 Financial Planning Strategies For Singles,” most of the advice on this topic isn’t very different from what’s given to married couples. Nonetheless, here are a few tips to consider, especially if you’re single.

Start saving for retirement now. Many of us will bank on Social Security along with our own personal savings in retirement. Some may have a pension or will possibly continue working in retirement. Whatever the exact plan, a good retirement savings objective is 15% of your salary and include your employer match, if you get one in your 401(k) plan. If you don’t have a plan through work, consider starting a personal IRA.

Prepare for the unexpected. Singles don’t have the luxury of second income as a fall back, so build up an emergency fund that can cover three to six months of expenses. Singles should aim toward the six-month cushion, so any unexpected expenses can be paid off without having to use your credit cards or retirement savings. Keep the money in a liquid account.

Consider insurance. Life insurance can be a replacement income for those who depend on you. With no dependents, it might not be needed, but consider a small policy to cover funeral expenses.

Estate planning. Perhaps you think you don’t need an estate plan, because you’re single. However, you should have certain documents prepared, if you become incapacitated, so a trusted friend can make health and financial decisions on your behalf. This document is called a health care proxy or a durable medical power of attorney. You need this, along with an advance health care directive and a durable power of attorney for financial and legal matters.

If you’re single and have minor children, have a will drafted to designate a guardian to care for them. Likewise, if you’re single, most of your assets are in your own name. It’s important that your beneficiary information is up-to-date. In addition to your will, beneficiary designations on your retirement accounts and life insurance policy will direct how those assets are to be distributed. You can also title some accounts to “transfer on death” to move the account directly to another person.

Take time to prioritize a financial and estate plan and review it regularly. Share this with your trusted family members so that you all will have peace of mind.